Cryptocurrencies
Genesis’s Co-Head of Crypto Sales, Trading Leaves in Latest Exit
- Ballensweig’s departure comes after CEO transition, 20% layoff
- Crypto brokerage was exposed to bad debt of Three Arrows
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Four senior executives at crypto brokerage Genesis have departed, as part of a leadership shuffle in the aftermath of its exposure to bankrupt hedge fund Three Arrows Capital and a broad market downturn.
Matt Ballensweig, co-head of sales and trading, said on Twitter he’s leaving the company after more than five years. Michael Paleokrassas, managing director of trading, and Reed Werbitt, head of cash trading, have also departed, according to a person close to the matter. Joshua Lim, head of derivatives at Genesis, said earlier that he had also left.